Account Data Structure for Insurance Underwriting

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Solution Overview

Problem

Conventional account management systems lack a holistic approach, leading to poor customer data integrity, inadequate customer insights, primitive workflows, and a lack of standardization, which results in inefficient customer interactions and limited analytical capabilities, particularly in the insurance underwriting process.

Innovation Solution

An account management system with a relational data model that defines accounts and relates customers, products, and services, enabling efficient representation of complex relationships and business rules, allowing for task assignment and underwriting decisions based on established criteria.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Reliability

If conventional account management systems are used, then system simplicity is maintained, but customer data integrity and analytical capabilities deteriorate

Engineering Contradiction:

Improvecustomer data integrityVSAvoidsystem structure

Core Design Contradiction:

ReliabilityVSDevice complexity

Solution Approach 1:

The system segments account management into multiple hierarchical levels: account level, participant level, and offering level. This segmentation allows data to be organized in a structured manner across different entities, improving data integrity while maintaining manageable system complexity through modular design.

Inventive Principle:

Principle #1Segmentation

Solution Approach 2:

The patent introduces a new dimensional structure by adding the account level as an intermediary dimension between customers and offerings. This creates a multi-dimensional data model where relationships are established through account involvement and offering involvement entities, enhancing data integrity without linearly increasing complexity.

Inventive Principle:

Principle #17Another dimension (Dimensionality change)

2Productivity

If manual workflows are used, then ease of operation is maintained, but productivity and standardization deteriorate

Engineering Contradiction:

Improveworkflow efficiencyVSAvoidoperational simplicity

Core Design Contradiction:

ProductivityVSEase of operation

Solution Approach 1:

The system enables self-service capabilities by allowing the account management system to automatically perform tasks such as generating tasks, assigning performers, and executing workflows based on predefined business rules. This automation improves productivity while the standardized interfaces maintain ease of operation.

Inventive Principle:

Principle #25Self-service

Solution Approach 2:

The patent transforms workflows from manual to automated by changing the operational parameters - introducing task entities, performer assignments, and automated execution mechanisms. This parameter change enables standardized, repeatable processes that improve productivity without sacrificing operational simplicity through user-friendly interfaces.

Inventive Principle:

Principle #35Parameter changes

3Loss of information

If isolated information systems are used, then system complexity is reduced, but customer insights and data organization deteriorate

Engineering Contradiction:

Improvecustomer insightVSAvoidsystem integration

Core Design Contradiction:

Loss of informationVSDevice complexity

Solution Approach 1:

The patent merges previously isolated information systems by introducing a unified account management system that consolidates customer data, offering data, and relationship data into a single integrated structure. This merging eliminates information silos and improves customer insights while the modular entity-based design prevents exponential complexity growth.

Inventive Principle:

Principle #5Merging (Combining)

Solution Approach 2:

The account entity and offering entity serve multiple functions simultaneously - they store data, establish relationships, enable segmentation, and support various business processes. This multi-functionality reduces the need for separate specialized systems, improving information availability without proportionally increasing system complexity.

Inventive Principle:

Principle #6Universality (Multi-functionality)

4Adaptability or versatility

If document-based information formats are used, then ease of manufacture is maintained, but adaptability and digitization potential deteriorate

Engineering Contradiction:

Improvedigitization capabilityVSAvoidsystem implementation

Core Design Contradiction:

Adaptability or versatilityVSEase of manufacture

Solution Approach 1:

The patent replaces document-based mechanical information storage with a digital data model consisting of entities, attributes, and relationships. This substitution enables automated processing, analysis, and manipulation of information while the standardized entity structure simplifies implementation through consistent data organization patterns.

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

Data Source

PatentUS7685008B2Account level participation for underwriting components

Publication Date: 2010.03.23 ACCENTURE GLOBAL SERVICES LTD

AI summary

An account management system has been developed that enables customer or client-related information to be stored, viewed and manipulated in a manner that reflects the relationship among different customers. The account management system includes an account data structure that defines accounts and relates customers to accounts so that the accounts include a group of related customers. In addition, a method of managing an underwriting account for an insurance policy has been developed. In particular, a method comprises the steps of establishing a plurality of participants; assigning each participant of the plurality of participants to an account; establishing business rules at an account level; and providing an underwriting decision for an account based upon the business rules.